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Brexit & EU reform

The proposals in the UK Prime Minister’s speech on 17th January and the White Paper on 2nd February will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market). CMS and the Legatum Institute Special Trade Commission have produced a joint report which looks at how the new UK/EU partnership might work in the field of financial services. Please visit our dedicated page on this report here.

Status:

A referendum on Britain's membership of the European Union was held on 23 June 2016. On 24 June 2016 it was announced that the UK voted to leave the EU. The earlier "UK-EU settlement" agreed in February 2016 is no longer valid following a vote to leave. The Government gave notice to the European Commission in March 2017 to 'trigger' Article 50 and begin the process.

Latest Reports

Top report

The proposals in the UK Prime Minister’s speech on 17th January and the White Paper on 2nd February will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market). CMS and ...

1. EIOPA highlight risks of a no-deal Brexit
The Joint Committee of the European Supervisory Authorities published its latest report on Risks and Vulnerabilities in the EU Financial System. The report highlights uncertainties surround the UK's exit from the EU. It states ‘Although there seems to be a “Brexit fatigue” in the financial sector, supervisors continue to encourage institutions to prepare...

EC: EQUIVALENCE IN THE AREA OF FINANCIAL SERVICES
The EC has set out its approach on equivalence and on recent legislative improvements in terms of how it grants equivalence to non-EU countries. It also describes how the EC and ESAs monitor the situation in those countries after equivalence decisions have been taken and how recent EU legislative changes have strengthened the equivalence framework....

*31 December 2020

Latest sector news

13.09.2019

HoC European Scrutiny Committee: 73rd Report of Session 2017-19

Sections 1, 3 and 5 of the report consider aspects of the Consumer Rights Directive, the Withdrawal Agreement and the proposed crowdfunding Directive respectively. These... items are still under scrutiny by the Committee.

Supporting links:

EC: Speech by Michel Barnier

Supporting links:

EIOPA highlight risks of a no-deal Brexit

The Joint Committee of the European Supervisory Authorities published its latest report on Risks and Vulnerabilities in the EU Financial System. The report highlights uncertainties... surround the UK's exit from the EU.

Supporting links:

FCA publish information table of EEA Member State regimes

As part of their efforts to help firms prepare for a no-deal Brexit the FCA has published this information table. The table links to the dedicated... Brexit websites of financial regulators in EEA Member States and the FCA has listed where it believes firms may have to take action.